If You Have A Sweet Tooth For Trading Its Pay Day!
On Wednesday Jan 27th I wrote an article that gave you a picture perfect trade setup. The trade is on sugar or the SGG sugar ETF. As of this writing sugar is now over 10% in our favor from the original entry and trading at short term support.
This is a critical level to lock in partial profits and move your stop in the money for the balance of the trade to be safe. I just want to keep following up with this trade as many followers are in this trade with me.
Daily Chart of Sugar
As you can see in the chart below sugar price formation has turned bearish. With price breaking through support we have seen a beautiful wave of stops being triggered and traders selling their long positions.
There were a few ways to execute this trade. You can do what I do and trade the sugar contract using CFD's. I do this with AVAFX as I like being able to trade smaller position sizes than that of a full futures contract. Or you can trade the SGG sugar ETF, you will need to have a margin account and be approved for short selling so we profit from price falling.
Sugar Trade Idea Conclusion:
In short, sugar was poised for a strong move down as mentioned Jan 17th Read Post. But now is the time to locking in gains and tightening your stop. This was a simple and profitable setup and there is no need to give back these gains.
If you like this type of trading: Slow, Simple, Logical, Tradable Ideas then be sure to watch my video and join me at www.TheGoldAndOilGuy.com